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. something for candidates romney and obama in today's data. you can imagine romney pounding on the weak growth and obama saying hey, 286,000 more jobs out there and there's also something for bulls and bears but not much anybody from a sober analysis this remains a weak growth economy. melissa? >> thank you very much, steve liesman. >>> and from the u.s. to spain, let's head across the atlantic for more on spain's budget as the country hopes to avoid a bailout. steve sedgwick joins us live with the very latest. steve. >> reporter: yeah, thanks very much, indeed. we just heard literally in the last 20 minutes or so that the press conference, the announcement about this austerity that we've been waiting for all day will now get the conference in around about an hour's time. so all should be revealed about what rajoy intends to do. in the next stage of austerity. because i think the next stage because there's already been at least four bouts of austerity from this government since it came in in december last year. the last was a 2012 budget which we got 64 billion euros worth of austerity
and it will limit the upside for next year. >> is there a point at which you see obama in the polls and you say actually now i believe that we are going to get the tax hikes and the market should fall? there must be a watershed quite soon as we head towards particularly what happens in the house and the senate. >> our focus has been on the senate. we think that's what's going to mostly influence the outcome. i hope there's appetite to see the rates low. i don't see a benefit from raising them. i would call a coin toss on the senate outcome. but wiser minds will see the wisdom of helping the fed in its efforts to stimulate asset prices by not onerously raising taxes on the most important asset class other than homes. >> have you actually calculated a number? you said it would give back some of the rally. but is there a number or a percentage? >> 12-month price target is 1,500. we've written in our research that 1,600 would be a reasonable 2013 end. i need to see an acceleration in global growth. >> contingent on both, not just the tax issue? >> both. somewhere between 1,500 and 1,600. >> david,
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